146037P.pdf   05/14/2015  Kip Kaler  v.  Louie Slominski
   U.S. Court of Appeals Case No:  14-6037
                          and No:  146042
   U.S. Bankruptcy Court for the District of North Dakota - Fargo   
   [PUBLISHED] [Federman, Author, with Nail and Shodeen, Bankruptcy Judges] 
   Bankruptcy Appellate Panel. Since Section 550(a) is permissive and 
   expressly provides for alternative remedies, the BAP reviews the 
   bankruptcy court's decision to award recovery of the fraudulently 
   transferred property, or its value, and its determination of value, for 
   abuse of discretion; here, where a lease was involved, awarding the 
   trustee fair market rent for the period up to termination put the estate 
   back in the position it would have been in had the transfer not occurred, 
   and the court did not err in awarding the trustee $431,200 in net fair 
   market rent; since the renter was a good faith transferee, he was entitled 
   to an offset for the amount of taxes he paid; since the renter was being 
   charged rent for the farm property, he was entitled to an offset of 
   $442,218 in proceeds for the crops he planted and cultivated during the 
   term of the lease; the court did not abuse its discretion in denying the 
   trustee's request for relief based on a claim of newly-discovered evidence 
   regarding the date of the lease; remanded with directions to enter 
   judgment for the renter in the amount of $25,898, which represents the 
   amount by which his crop proceeds and tax payments exceed the net fair 
   market rent due the estate.